Tuesday, February 27, 2024

As prices rise, DeFi farmers brag about the gaming dYdX airdrop.

DeFi Farmers have been making claims that after the last airdrop of the gaming protocol, they are now sitting on top of six-figure stashes. There have been rumors about Chinese traders moving on to the DEX derivatives, which has increased the dYdX’s governance. As Beijing is trying to crack down on digital assets, the crypto traders of China are flocking to the decentralized margin trading protocol. In just two ways, DYDX has increased to 85%.

On 8th September, users received the exchange’s governance token’s airdrop. The quantity of tokens received by individuals depended on the trading activity on their exchange. Because of this, the work of airdrops resulted in a wide range of uncontrolled activities. DeFi farmers raced to use the tokens that they received for free on the platform.

Many of the airdrop recipients managed to earn large gains. Currently, DYDX tokens have a market value of more than $1 billion and are selling at $21. Some of the users even bragged about the airdrop benefits on Twitter, detailing how they tricked this system by transferring these same assets between various wallets to get qualified from the prizes. However, not everyone has been so fortunate. Some users alleged that the SEC provided them protection from airdrop. DyDX has seen tremendous growth this year. Since June 30, its derivatives volume has increased by 2,583%. The daily volume of margin trading DEX went ahead of Coinbase. Their TVL, total value locked, got to their all-time high, $503 million, which makes it the second biggest L2 network after Arbitrum

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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